Public Sector Pension Investment Board Lowers Stock Holdings in Fortive Corp (NYSE:FTV)

Public Sector Pension Investment Board lowered its stake in Fortive Corp (NYSE:FTV) by 10.6% during the 4th quarter, Holdings Channel reports. The firm owned 51,016 shares of the technology company’s stock after selling 6,030 shares during the quarter. Public Sector Pension Investment Board’s holdings in Fortive were worth $3,897,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. National Pension Service increased its holdings in shares of Fortive by 4.7% in the 3rd quarter. National Pension Service now owns 443,803 shares of the technology company’s stock worth $30,427,000 after buying an additional 19,929 shares during the last quarter. Security National Bank of SO Dak grew its holdings in Fortive by 3.1% during the 3rd quarter. Security National Bank of SO Dak now owns 9,916 shares of the technology company’s stock valued at $679,000 after purchasing an additional 298 shares during the last quarter. Voya Financial Advisors Inc. grew its holdings in Fortive by 11.4% during the 3rd quarter. Voya Financial Advisors Inc. now owns 9,646 shares of the technology company’s stock valued at $662,000 after purchasing an additional 990 shares during the last quarter. TIAA FSB bought a new position in Fortive during the 4th quarter valued at about $8,057,000. Finally, EFG Asset Management Americas Corp. grew its holdings in Fortive by 1.1% during the 4th quarter. EFG Asset Management Americas Corp. now owns 52,244 shares of the technology company’s stock valued at $3,991,000 after purchasing an additional 556 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

In related news, CAO Christopher M. Mulhall sold 2,702 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $78.46, for a total transaction of $211,998.92. Following the completion of the sale, the chief accounting officer now owns 7,088 shares of the company’s stock, valued at $556,124.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stacey A. Walker sold 1,754 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $73.77, for a total transaction of $129,392.58. Following the sale, the senior vice president now directly owns 28,705 shares of the company’s stock, valued at approximately $2,117,567.85. The disclosure for this sale can be found here. Insiders have sold 144,089 shares of company stock valued at $11,074,434 in the last three months. 12.70% of the stock is currently owned by corporate insiders.

Shares of FTV traded up $1.77 during mid-day trading on Thursday, hitting $51.66. The company’s stock had a trading volume of 201,148 shares, compared to its average volume of 3,797,995. The company’s 50-day moving average is $67.38 and its 200-day moving average is $71.18. Fortive Corp has a 52-week low of $37.31 and a 52-week high of $89.48. The firm has a market capitalization of $16.79 billion, a price-to-earnings ratio of 26.20 and a beta of 1.18. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 0.67.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, February 6th. The technology company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.06. Fortive had a net margin of 10.09% and a return on equity of 17.53%. The firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the prior year, the company earned $0.91 EPS. The company’s revenue was up 13.9% compared to the same quarter last year. As a group, sell-side analysts predict that Fortive Corp will post 3.75 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, February 28th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $0.28 dividend on an annualized basis and a yield of 0.54%. Fortive’s payout ratio is 8.05%.

A number of equities analysts have commented on FTV shares. Cowen upgraded shares of Fortive from an “underperform” rating to a “market perform” rating and set a $70.00 target price on the stock in a research note on Monday, March 9th. Raymond James downgraded shares of Fortive from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 11th. Wolfe Research upgraded shares of Fortive from a “peer perform” rating to an “outperform” rating in a research note on Thursday, January 9th. Zacks Investment Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a research note on Friday, January 3rd. Finally, Morgan Stanley upgraded shares of Fortive from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $70.00 to $91.00 in a research note on Wednesday, December 11th. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Fortive currently has an average rating of “Buy” and a consensus target price of $82.31.

Fortive Company Profile

Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.

See Also: Initial Public Offering (IPO)

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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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